FB, indeed we will agree to disagree.Passionate = family member...

FB, indeed we will agree to disagree.
Passionate = family member has taken the drug and it helped, I want it out there for the world to use, but fear these people will mess it up, actually keep messing it up!
If by "corporates" you mean Allianz (you alluded to them having a larger shareholding than PR, so pls correct me if I am wrong and it is not them) then you are talking about the fund and the fund manager, who has supported managements ask for more shares for delivering nothing. My view is they are enabling, by rewarding bad behaviour. Great news that they might be shaking things up, but I want action, not words.
This corporate might see forward selling royalty as an option, but I am in this business and I see zero appetite for a company with this profile to be lent money. Heck, they cannot even get a shareholding from a dedicated healthcare fund.

Now, as for a royalty being forward sold, please ask yourself, who is going to give a pre revenue company some cash right now, imagine the questions in the due diligence an analyst would be doing for their boss:
- target date for 1st revenues (err no idea)
- what costs are they modelling (err to hard they told me)
- how much money do they need to get through phase 3 (ummm, they said they'll get back to me)
- what pharma companies have they partnered with (none)
- what experience do they have in sales & marketing (zippo)
- any peer review of the 2b data that they are relying on (apparently delayed b/c of covid, then a decision to combine with 008 readout, but as of now, no)
- any management turnover (yeah lost CEO, CFO, COO all in past 18 months)
- have they been able to maintain timelines or has there been slippage (slippage)
Ok, thanks, let me present this to the investment committee and we will get back to them!